REGISTERED COMPANY NUMBER: 08478949 (England and Wales) REGISTERED CHARITY NUMBER: 1152943
Report of the Trustees and Audited Consolidated Financial Statements for the Year Ended 30 April 2024 for The Zaha Hadid Foundation (A Company Limited by Guarantee)
The Zaha Hadid Foundation Contents of the Financial Statements For the year ended 30 April 2024
| Page | |
|---|---|
| Reference and Administrative Details | 2 |
| Report of the Trustees | 3 to 4 |
| Report of the Independent Auditors | 5 to 6 |
| Consolidated Statement of Financial Activities | 7 |
| Consolidated and Charity Statement of Financial Position | 8 |
| Consolidated Statement of Cash Flows | 9 |
| Notes to the Financial Statements | 10 to 18 |
Page 1
The Zaha Hadid Foundation
Reference and Administrative Details
For the year ended 30 April 2024
Trustees
Registered office
Registered company number
Registered charity number
Auditors
Sir B Clarke Ms R Hadid Professor H M Kara Sir P Cook
28 Shad Thames London SE1 2YD
08478949 (England and Wales)
1152943
Cooper Parry Group Limited Statutory Auditor 1st Floor Abbey Square Davidson House The Forbury Reading RG1 3EU
Page 2
The Zaha Hadid Foundation
Report of the Trustees
For the year ended 30 April 2024
The Trustees who are also Directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 April 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and Activities
The Charity continues to consolidate the various assets bequeathed by Dame Zaha Hadid, which includes preservation of the collection for future safeguarding. The Charity has continued to improve and enhance the safety of spaces it occupies, both public and for storage and collection. In addition, activities in the 2023-2024 year have included several education endeavours. More detail is set out below.
Its charitable objects, and examples of activities carried out pursuant to those objects, are as follows:
The advancement of education and the promotion of useful knowledge relating to architecture especially modern architecture, design and related disciplines by such charitable means as the trustees shall think fit including without prejudice to the generality of the foregoing:
1. Advancing the education of students and young persons in the fields of architecture, design and related disciplines;
Activities carried out included the following:
• Secured a fully-funded Arts and Humanities Research Council (AHRC) PhD studentship with University of Westminster (project started in September 2023);
• Created a 6 month work placement from September 2024 for a PhD student working on archives and collections, as part of AHRC TECHNE Doctoral Training programme;
• Participated in annual London Festival of Architecture (June 2023) with a programme of public talks, events and an exhibition;
• Hosted and co-delivered student architecture and design projects including Yale University School of Architecture Summer School (May 2023) and Ravensbourne University London project (Oct 2023-Jan 2024);
• Convened a series of research workshops on architectural legacies with Manchester School of Architecture, with invited participants from academic, museum and architecture sectors.
2. For the public benefit, establishing, providing and/or maintaining archives and permanent or temporary exhibitions of the works of Dame Zaha Hadid (whether comprising models, furniture, jewellery, fashion, drawings, paintings or other related works) and such other architects or practitioners in related disciplines as the trustees may determine; This has included the development of a museum-standard database, to record the collection and archive, and the ongoing inspection of works in the collections with regard to their authorship, physical stability and their conservation needs
Activities carried out included the following:
• Staged ZHF- curated collections exhibition entitled Zaha’s Moonsoon: An Interior in Japan (ZHF, 20 April – 22 July 2023) with supporting programme of public talks and events;
• Staged ZHF-curated exhibition (artist’s commission) entitled Younes Ben Slimane – Images de Tunisie (ZHF 11 April – 29 July 2024) with supporting programme of public talks and events;
• Conservation and loan of works to a major exhibition entitled A Permanent Nostalgia for Departure: A Rehearsal on Legacy with Zaha Hadid (Contemporary Arts Centre, Cincinnati, 22 September 2023 - 28 January 2024). This was also accompanied by a £5,000 artist’s grant towards the making of new work in response to Zaha Hadid’s legacy by Iraqi artist Rand Abdul Jabbar;
• Development of the Charity’s collections database (TMS Collections) that will enable the unique aspects of the collection to be captured and made accessible, including reconfiguring TMS Collections to align with the ZHF Inventory Project Plan, and to work towards meeting Spectrum standards for Museum Accreditation;
3. For the public benefit, the establishment and maintenance and/or support of a museum and/or art gallery; and the advancement of such other charitable objects as the trustees may determine.
Activities carried out included the following:
• Devising a ZHF Contemporary Commissions programme, supporting the development and exhibition of new artworks created in response to Zaha Hadid’s context and legacy. These commissions are intended, in first phase, to focus on artists with connection to the SWANA region. The first was French Tunisian filmmaker and architect, Younes Ben Slimane, for Spring 2024;
• Research and development for future touring and partner programme including a major retrospective exhibition;
• Scoping work on options for buildings strategy, including first stage feasibility study in consultation with architects Emrys and project management firm Capital & Provincial, as part of plans for enhanced research facilities, a potential permanent exhibition space and improved storage of and access to collections.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.
Page 3
The Zaha Hadid Foundation
Report of the Trustees
For the year ended 30 April 2024
Financial review
The trustees consider the financial position of the charity to be satisfactory.
The charity has no specific reserves policies.
The reserves of the group at the year end were £37,238,845 (2023 - £37,616,101) to be distributed at the discretion of the Trustees.
Structure, governance and management
The Charity is a company limited by guarantee which was incorporated on 8 April 2013.
The Trustees are committed to ensuring the Foundation continues to provide the legacy that its founder Dame Zaha Hadid envisaged at its creation and would be proud of, following her untimely passing in 2016.
The articles of the company require that there be no less than three and no more than nine trustees.
None of the Trustees have any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Charity is related to the other companies controlled and owned by the Estate of Dame Zaha Hadid.
The Trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to them.
Statement of trustees' responsibilities
The trustees (who are also the Trustees of The Zaha Hadid Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the Group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and the Group for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company and the group's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
Auditors
The auditors, Cooper Parry Group Limited, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company Trustees, on 31 January 2025 and signed on the board's behalf by:
.................................................................... — Sir B Clarke - Trustee
Page 4
Report of the Independent Auditors to the Members of The Zaha Hadid Foundation
Opinion
We have audited the financial statements of The Zaha Hadid Foundation (the 'charitable company') and its subsidiaries (the 'Group') For the year ended 30 April 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Statement of Financial Position, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Group's and of the charitable company's affairs as at 30 April 2024 and of its incoming resources and
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application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other matters
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: -adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or -the financial statements are not in agreement with the accounting records and returns; or
-certain disclosures of trustees' remuneration specified by law are not made; or
-we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the Trustees of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the Group and the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Group or the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 5
Report of the Independent Auditors to the Members of The Zaha Hadid Foundation
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Charity and the industry in which it operates, and considered the risk of acts by the Charity that were contrary to applicable laws and regulations, including fraud. We discussed with the Trustees the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.
During the audit we focused on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and the Charities SORP. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Roslyn McFarlane (Senior Statutory Auditor) for and on behalf of Cooper Parry Group Limited Statutory Auditor 1st Floor Abbey Square Davidson House The Forbury Reading RG1 3EU Date: 20/02/2025
Page 6
The Zaha Hadid Foundation
Consolidated Statement of Financial Activities
For the year ended 30 April 2024
| Unrestricted funds | Restricted funds | Total | Total | ||
|---|---|---|---|---|---|
| Group | Group | Group | Group | ||
| Note | 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | ||
| Income and endowments from | |||||
| Royalties and levies | 2 | 4,076,966 | - | 4,076,966 | 26,815,084 |
| Other trading activities | 3 | - | 2,619,085 | 2,619,085 | 2,082,130 |
| Investment income | 4 | 457,943 | 76,038 | 533,981 | 243,485 |
| ─────── | |||||
| ─────── | ─────── | ─────── | |||
| Total incoming resources | 4,534,909 | 2,695,123 | 7,230,032 | 29,140,699 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| Expenditure on | |||||
| Other expenditure | 6 | 3,936,728 | 3,670,560 | 7,607,288 | 4,878,483 |
| ─────── | ─────── | ─────── | ─────── | ||
| Total resources expended | 3,936,728 | 3,670,560 | 7,607,288 | 4,878,483 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| Net income/(expenditure) before investment | (losses)/ gains | 598,181 | (975,437) | (377,256) | 24,262,216 |
| Net (losses)/gains on investment | - | - | - | - | |
| ─────── | ─────── | ─────── | ─────── | ||
| Net (expenditure)/ income | 598,181 | (975,437) | (377,256) | 24,262,216 | |
| Movement in revaluation reserve | - | 247,725 | 247,725 | - | |
| ─────── | ─────── | ─────── | ─────── | ||
| Net movement in funds | 598,181 | (727,712) | (129,531) | 24,262,216 | |
| Funds brought forward at 1 May 2023 | 14,766,024 | 22,850,077 | 37,616,101 | 13,353,885 | |
| Movement in revaluation reserve | - | (247,725) | (247,725) | - | |
| ─────── | ─────── | ─────── | ─────── | ||
| Funds carried forward at 30 April 2024 | 15,364,205 | 21,874,640 | 37,238,845 | 37,616,101 | |
| ═══════ | ═══════ | ═══════ | ═══════ |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure is derived from continuing activities.
The notes on pages 10 to 18 form part of these financial statements.
Page 7
The Zaha Hadid Foundation
Consolidated and Charity Statement of Financial Position
As at 30 April 2024
| Group | Charity | Group | Charity | ||
|---|---|---|---|---|---|
| Note | 2024 | 2024 | 2023 | 2023 | |
| £ | £ | £ | £ | ||
| Fixed Assets | |||||
| Intangible assets | 14 | 179,575 | 53,135 | 208,901 | 28,757 |
| Tangible assets | 13 | 16,326,216 | 622,209 | 16,875,662 | 489,993 |
| Investments | 15 | - | 21,916,591 | - | 21,916,591 |
| ─────── | ─────── | ─────── | ─────── | ||
| 16,505,791 | 22,591,935 | 17,084,563 | 22,435,341 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| Current Assets | |||||
| Stocks | 16 | 560,855 | 47,041 | 483,766 | 47,041 |
| Debtors | 17 | 2,579,597 | 500,726 | 3,968,044 | 843,438 |
| Cash at bank and in hand | 19,911,071 | 14,830,074 | 18,496,992 | 14,059,920 | |
| ─────── | ─────── | ─────── | ─────── | ||
| 23,051,523 | 15,377,841 | 22,948,802 | 14,950,399 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| Creditors: Amounts falling due within | |||||
| one year | 18 | (2,318,469) | (726,323) | (2,417,264) | (748,682) |
| ─────── | ─────── | ─────── | ─────── | ||
| Total assets less total liabilities | 37,238,845 | 37,243,453 | 37,616,101 | 36,637,058 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| Funds | |||||
| Restricted funds | 19 | 21,874,640 | 21,863,959 | 22,850,077 | 21,863,960 |
| Unrestricted funds | 19 | 15,364,205 | 15,379,494 | 14,766,024 | 14,773,098 |
| ─────── | ─────── | ─────── | ─────── | ||
| Total funds | 37,238,845 | 37,243,453 | 37,616,101 | 36,637,058 | |
| ═══════ | ═══════ | ═══════ | ═══════ |
The charity has prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011.
The surplus generated by the charity for the financial year was £606,395 (2023: £23,283,173 surplus)
Approved by the Board of Trustees on 31 January 2025 and signed on their behalf by
Sir B Clarke
Trustee
Registered charity in England and Wales - 1152943 Company Registration Number - 08478949
The notes on pages 10 to 18 form part of these financial statements.
Page 8
The Zaha Hadid Foundation
Consolidated Statement of Cash Flows
For the year ended 30 April 2024
| Unrestricted funds | Restricted funds | Total | Total | ||
|---|---|---|---|---|---|
| Group | Group | Group | Group | ||
| Note | 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | ||
| Cash flows from operating activities: | 23 | 587,316 | 748,747 | 1,336,063 | 1,120,427 |
| ─────── | ─────── | ─────── | ─────── | ||
| Net cash provided by (used in) operating activities | 587,316 | 748,747 | 1,336,063 | 1,120,427 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Cash flows from investing activities: | |||||
| Purchase of non-current assets | (269,834) | (92,224) | (362,058) | (17,259,242) | |
| Non-current assets received on acquisition | - | - | - | 16,771,052 | |
| Cash received on acquisition of subsidiaries | - | - | - | 4,371,770 | |
| Cash flow from taxation | - | (86,933) | (86,933) | (254,501) | |
| Interest received | 453,432 | 73,575 | 527,007 | 209,685 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Net cash provided by (used in) investing activities | 183,598 | (105,581) | 78,017 | 3,838,763 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Change in cash and cash equivalents in the reporting period | 770,914 | 643,165 | 1,414,079 | 4,959,191 | |
| Cash and cash equivalents at the beginning of the | reporting | ||||
| period | 14,117,929 | 4,379,063 | 18,496,992 | 15,306,030 | |
| ─────── | ─────── | ─────── | ─────── | ||
| Cash and cash equivalents at the end of the reporting period | 14,888,843 | 5,022,228 | 19,911,071 | 20,265,221 | |
| ═══════ | ═══════ | ═══════ | ═══════ |
The notes on pages 10 to 18 form part of these financial statements.
Page 9
The Zaha Hadid Foundation
1 Accounting Policies
Notes to the Financial Statements
For the year ended 30 April 2024
Basis of preparing the financial statements
The Zaha Hadid Foundation is a registered charity, limited by guarantee, registered in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements.
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value.
Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments. There are no further significant judgements or estimates.
Basis of consolidation
These accounts consolidate those of the Charity and its wholly owned trading subsidiaries; Zaha Hadid Design Limited, Zaha Hadid Holdings Limited, Zaha Hadid (Services) Limited and Zaha Hadid (Italy) Limited. These are adjusted, where appropriate, to conform to group accounting policies. Zaha Hadid Foundation obtained legal title of Zaha Hadid Design Limited, Zaha Hadid Holdings Limited, Zaha Hadid (Services) Limited and Zaha Hadid (Italy) Limited on the 31 January 2023. The Zaha Hadid Foundation also acquired the beneficial interest in Zaha Hadid Design Limited and Zaha Hadid Holdings Limited on 31 January 2023 however, the beneficial interest in Zaha Hadid (Services) Limited and Zaha Hadid (Italy) Limited was transferred in March 2018. The subsidiaries results were consolidated from 31 January 2023. All subsidiaries have year ends that align with the Charity year end. A separate Statement of Financial Activities and Income an Expenditure Account for the charity have not been presented in accordance with the exemption afforded by section 408 of the Companies Act 2006.
Going concern
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Key sources of estimation uncertainty and judgements
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of tangible fixed assets.
Zaha Hadid Holdings Limited owns two properties which have been used by the Zaha Hadid Foundation free of charge during the year. Rent has been estimated using 3rd party valuations.
Both the inital valuation of these properties in the subsidiary Zaha Hadid Holdings Limited, and the rental charge recognised in the Charity are based off of valuations performed by an external expert, but contain estimates related to usage and market values and rates.
Income resources
All income is recognised on a receivable basis, in accordance with the provisions of Statement of Recommended Practice- Accounting and Reporting by Charities.
Trading income
Income in trading subsidiaries represents amounts receivable for goods and services net of VAT.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at their Headquarters.
Stocks
The Foundation has received a number of artworks and other personal chattels from the Estate of Dame Zaha Hadid which it intends to use to promote the causes of the Foundation. These assets are considered to be heritage assets (see below heritage assets policy). The only cost to the Foundation has been shipping overseas assets to the U.K and it is these costs that are included in the stock figure. Stock is included at the lower of cost or net realisable value.
Stock is also held in the trading entities, and is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Heritage assets
The charity adopts a policy of valuation, though is not required to recognise heritage assets on the balance sheet due to the fact that information on their cost or valuation is not currently available and such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the charity.
Page 10
The Zaha Hadid Foundation
Notes to the Financial Statements
For the year ended 30 April 2024
1 Accounting Policies - continued
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost Fixtures and fittings - 20% on cost Computer equipment - 33% on cost Long-term leasehold property - 4% on cost
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets are amortised evenly over their estimated useful life.
Patents & Licences - 10% on cost Computer software - 33% on cost
Fund Accounting
Unrestricted funds are donations and other income resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.
There is a restricted fund in both the Charity and the Group. This relates to a restriction on the Charity's access to the profits, assets, and liabilities of Zaha Hadid Design Limited and Zaha Hadid Holdings Limited for a period of 7 years from 2022 as part of the conditions of appointment of the Charity as parent of the Group.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by bank.
Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the Group becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Group will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise of cash in hand and at bank which are an integral part of the Group's cash management.
Financial liabilities and equity instruments issued by the Group are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Taxation
The charity is exempt from corporation tax on its charitable activities, however corporation tax is incurred on non-charitable subsidiaries.
Taxation in the trading entities for the year to year comprises of current and deferred tax. Tax is recognised in the Statement of Financial Activities, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2 | Royalties and levies | Unrestricted funds | Restricted funds | Total | Total |
|---|---|---|---|---|---|
| Group | Group | Group | Group | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Voluntary income | - | - | - | 1,078,588 | |
| Royalties and levies | 4,076,966 | - | 4,076,966 | 3,819,905 | |
| Donations | - | - | - | 21,916,591 | |
| ─────── | ─────── | ─────── | ─────── | ||
| 4,076,966 | - | 4,076,966 | 26,815,084 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| 3 | Other trading activities | ||||
| Unrestricted funds | Restricted funds | Total | Total | ||
| Group | Group | Group | Group | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Income of trading subsidiaries | - | 2,619,085 | 2,619,085 | 2,082,130 | |
| ─────── | ─────── | ─────── | ─────── | ||
| - | 2,619,085 | 2,619,085 | 2,082,130 | ||
| ═══════ | ═══════ | ═══════ | ═══════ |
Page 11
The Zaha Hadid Foundation
Notes to the Financial Statements
For the year ended 30 April 2024
4 Investment income
| Investment income | ||||
|---|---|---|---|---|
| Unrestricted funds | Restricted funds | Total | Total | |
| Group | Group | Group | Group | |
| 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Rents received | 4,511 | - | 4,511 | 33,799 |
| Deposit account interest | 453,432 | 76,038 | 529,470 | 209,685 |
| ─────── | ─────── | ─────── | ─────── | |
| 457,943 | 76,038 | 533,981 | 243,485 | |
| ═══════ | ═══════ | ═══════ | ═══════ |
5 Trading subsidiaries
The wholly owned trading subsidiaries listed below are incorporated in the United Kingdom and pay profits surplus to trading requirements to the charity.
The summary financial performance of the subsidiaries in the period of consolidation are as follows:
| Zaha Hadid | Zaha Hadid | Zaha Hadid | Zaha Hadid | ||
|---|---|---|---|---|---|
| Design Ltd | Holdings Ltd | (Italy) Ltd | (Services) Ltd | ||
| £ | £ | £ | £ | ||
| Turnover | 2,616,125 | 102,487 | - | - | |
| Expenses | (2,604,714) | (1,108,171) | (3,015) | (5,199) | |
| Operating profit | ─────── | ─────── | ─────── | ─────── | |
| 11,411 | (1,005,684) | (3,015) | (5,199) | ||
| Taxation (Note 12) | (97,663) | 116,500 | - | - | |
| ─────── | ─────── | ─────── | ─────── | ||
| Profit before distribution | (86,252) | (889,184) | (3,015) | (5,199) | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| Assets | 13,605,399 | 15,797,320 | 611 | 58,920 | |
| Liabilities | (157,156) | (7,370,923) | (8,792) | (13,396) | |
| Capital and reserves | (13,448,243) | (8,426,397) | 8,181 | (45,524) | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| Company number | 06019320 | 05628725 | 06693897 | 06693908 | |
| 6 | Other expenditure | Group | Group | Group | Group |
| 2024 | 2024 | 2024 | 2023 | ||
| Management costs | Other costs | Totals | Totals | ||
| (see note 7) | (see note 8) | ||||
| Support costs | £ | £ | £ | £ | |
| Unrestricted funds | 1,475,599 | 2,461,129 | 3,936,728 | 2,589,637 | |
| Restricted funds | 1,807,086 | 1,863,474 | 3,670,560 | 2,288,846 | |
| ─────── | ─────── | ─────── | ─────── | ||
| 3,282,685 | 4,324,603 | 7,607,288 | 4,878,483 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| 7 | Management costs | ||||
| Unrestricted funds | Restricted funds | Total | Total | ||
| Group | Group | Group | Group | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Wages | 905,743 | 871,527 | 1,777,270 | 870,406 | |
| Social security | 101,648 | 111,838 | 213,486 | 102,203 | |
| Pensions | 52,321 | 13,510 | 65,831 | 15,874 | |
| Staff training | 39,304 | - | 39,304 | 12,541 | |
| Rates and water | 80,565 | (8,185) | 72,380 | 110,859 | |
| Light and heat | 107,833 | (6,934) | 100,899 | 104,745 | |
| Telephone | 15,880 | 7,959 | 23,839 | 10,655 | |
| Postage and stationery | 9,321 | 6,740 | 16,061 | 6,195 | |
| Advertising | 24,000 | 12,806 | 36,806 | 20,880 | |
| Rent | 25,744 | 59,662 | 85,406 | 1,089,961 | |
| Depreciation | 113,240 | 684,459 | 797,699 | 214,281 | |
| Amortisation of intangible assets | - | 53,704 | 53,704 | 31,035 | |
| ─────── | ─────── | ─────── | ─────── | ||
| 1,475,599 | 1,807,086 | 3,282,685 | 2,589,637 | ||
| ═══════ | ═══════ | ═══════ | ═══════ |
Page 12
The Zaha Hadid Foundation
Notes to the Financial Statements
For the year ended 30 April 2024
| 8 | Other costs | Unrestricted funds | Restricted funds | Total | Total |
|---|---|---|---|---|---|
| Group | Group | Group | Group | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Repairs and renewals | 68,641 | 501 | 69,142 | 114,536 | |
| Computer costs | 106,407 | 158,894 | 265,301 | 57,617 | |
| Insurance | 70,236 | 58,132 | 128,368 | 102,433 | |
| Travel expenses | 25,559 | 2,303 | 27,862 | 23,534 | |
| Legal fees | 1,612,416 | 269,829 | 1,882,245 | 1,044,988 | |
| Accountancy fees | 61,819 | 151,664 | 213,483 | 56,551 | |
| Security | 181,182 | - | 181,182 | 135,842 | |
| Entertainment | 12,636 | 3,273 | 15,909 | 7,302 | |
| Subscriptions | 4,531 | - | 4,531 | 3,411 | |
| Cleaning | 16,862 | - | 16,862 | 9,917 | |
| Sundry | 16,156 | 2,958 | 19,114 | 36,742 | |
| Direct costs - trading subsidiaries | - | 1,149,960 | 1,149,960 | 385,918 | |
| Art handling costs | 283,019 | - | 283,019 | 203,489 | |
| Bad debts | - | 44,198 | 44,198 | - | |
| Taxation - trading subsidiaries (Note 12) | - | (18,837) | (18,837) | 246,907 | |
| Foreign exchange (gains)/loss | - | 37,739 | 37,739 | (141,480) | |
| Bank charges | 1,665 | 2,860 | 4,525 | 1,140 | |
| ─────── | ─────── | ─────── | ─────── | ||
| 2,461,129 | 1,863,474 | 4,324,603 | 2,288,846 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| 9 | Net income/(expenditure) | ||||
| Unrestricted funds | Restricted funds | Total | Total | ||
| Net (expenditure)/ income is stated after charging/(crediting): | Group | Group | Group | Group | |
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Auditors' remuneration | 31,200 | 39,500 | 70,700 | 60,250 | |
| Depreciation and amortisation - owned assets | 113,240 | 738,163 | 851,403 | 245,316 | |
| ═══════ | ═══════ | ═══════ | ═══════ |
10 Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 30 April 2024 nor the year ended 30 April 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2024 nor the year ended 30 April 2023.
| 11 | Staff costs | Unrestricted funds | Restricted funds | Total | Total |
|---|---|---|---|---|---|
| Group | Group | Group | Group | ||
| 2024 | 2024 | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Wages and salaries | 905,743 | 871,527 | 1,777,270 | 870,406 | |
| Social security costs | 101,648 | 111,838 | 213,486 | 102,203 | |
| Other pension costs | 52,321 | 13,510 | 65,831 | 15,874 | |
| ─────── | ─────── | ─────── | ─────── | ||
| 1,059,712 | 996,875 | 2,056,587 | 988,483 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| The average monthly number of employees during the year was as follows: | Group | Group | |||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Employed by trading subsidiaries | 9 | 3 | |||
| Management and administration of charity | 18 | 12 | |||
| ─────── | ─────── | ||||
| 27 | 15 | ||||
| ═══════ | ═══════ |
The number of employees whose employee benefits (excluding employers pension costs) exceeded £60,000 was:
| Group | Group | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| £60,000 - £70,000 | 1 | 2 |
| £80,000 - £90,000 | 1 | 1 |
| £100,000 - £110,000 | 1 | - |
| £110,000 - £120,000 | 1 | - |
| ═══════ | ═══════ |
Page 13
The Zaha Hadid Foundation
For the year ended 30 April 2024
Notes to the Financial Statements
12 Taxation
Taxation is incurred by the trading subsidiaries of the Charity. The tax (credit)/charge on trading profits for the period of consolidation was as follows:
| Unrestricted funds | Restricted funds | Total | Total | |
|---|---|---|---|---|
| Group | Group | Group | Group | |
| 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| UK corporation tax | - | 39,576 | 39,576 | 303,811 |
| Deferred tax | - | (58,413) | (58,413) | (56,904) |
| ─────── | ─────── | ─────── | ─────── | |
| Tax on trading profits | - | (18,837) | (18,837) | 246,907 |
| ═══════ | ═══════ | ═══════ | ═══════ |
Taxation is included in other costs in the consolidated statement of financial activities.
13 Tangible fixed assets
Group
| Group | |||||
|---|---|---|---|---|---|
| Freehold | Improvements | Fixtures & | Computer | ||
| property | to property | equipment | Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 May 2023 | 16,500,000 | 152,540 | 382,127 | 65,330 | 17,099,997 |
| Additions | - | 59,572 | 164,647 | 38,828 | 263,047 |
| Disposals | - | - | - | - | - |
| ─────── | ─────── | ─────── | ─────── | ─────── | |
| As at 30 April 2024 | 16,500,000 | 212,112 | 546,774 | 104,158 | 17,363,044 |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | |
| Depreciation | |||||
| As at 1 May 2023 | 165,000 | 6,236 | 40,805 | 12,293 | 224,334 |
| Charge for the period | 660,000 | 18,276 | 95,947 | 38,271 | 812,494 |
| Eliminated on disposal | - | - | - | - | - |
| ─────── | ─────── | ─────── | ─────── | ─────── | |
| As at 30 April 2024 | 825,000 | 24,512 | 136,752 | 50,564 | 1,036,828 |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | |
| Net book value | |||||
| As at 30 April 2024 | 15,675,000 | 187,600 | 410,022 | 53,594 | 16,326,216 |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | |
| As at 30 April 2023 | 16,335,000 | 146,304 | 341,322 | 53,037 | 16,875,663 |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | |
| Charity | Improvements | Fixtures & | Computer | ||
| to property | equipment | Equipment | Total | ||
| £ | £ | £ | £ | ||
| Cost | |||||
| As at 1 May 2023 | 152,540 | 328,918 | 58,220 | 539,678 | |
| Additions | 59,572 | 135,833 | 33,204 | 228,609 | |
| Disposals | - | - | - | ||
| ─────── | ─────── | ─────── | ─────── | ||
| As at 30 April 2024 | 212,112 | 464,751 | 91,424 | 768,287 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| Depreciation | |||||
| As at 1 May 2023 | 6,236 | 32,241 | 11,208 | 49,685 | |
| Charge for the period | 18,276 | 49,714 | 28,403 | 96,393 | |
| Eliminated on disposal | - | - | - | ||
| ─────── | ─────── | ─────── | ─────── | ||
| As at 30 April 2024 | 24,512 | 81,955 | 39,611 | 146,078 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| Net book value | |||||
| As at 30 April 2024 | 187,600 | 382,796 | 51,813 | 622,209 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| As at 30 April 2023 | 146,304 | 296,677 | 47,012 | 489,993 | |
| ═══════ | ═══════ | ═══════ | ═══════ |
Page 14
The Zaha Hadid Foundation
Notes to the Financial Statements
For the year ended 30 April 2024
14 Intangible fixed assets
| 15 | Group Patents & Computer licenses software Total £ £ £ Cost As at 1 May 2023 5,803 234,134 239,937 Additions 3,325 95,685 99,010 ─────── ─────── ─────── As at 30 April 2024 9,128 329,819 338,947 ═══════ ═══════ ═══════ Amortisation As at 1 May 2023 184 30,851 31,035 Charge for the period 782 127,555 128,337 ─────── ─────── ─────── As at 30 April 2024 966 158,406 159,372 ═══════ ═══════ ═══════ Net book value As at 30 April 2024 8,162 171,413 179,575 ═══════ ═══════ ═══════ As at 30 April 2023 5,619 203,283 208,902 ═══════ ═══════ ═══════ Charity Patents & Computer licenses software Total £ £ £ Cost As at 1 May 2023 5,803 23,400 29,203 Additions 3,325 37,900 41,225 ─────── ─────── ─────── As at 30 April 2024 9,128 61,300 70,428 ═══════ ═══════ ═══════ Amortisation As at 1 May 2023 184 261 445 Charge for the period 782 16,066 16,848 ─────── ─────── ─────── As at 30 April 2024 966 16,327 17,293 ═══════ ═══════ ═══════ Net book value As at 30 April 2024 8,162 44,973 53,135 ═══════ ═══════ ═══════ As at 30 April 2023 5,619 23,139 28,758 ═══════ ═══════ ═══════ Investments The Charity holds the following investments in subsidiary undertakings: Charity Charity 2024 2023 £ £ Zaha Hadid Design Limited 12,318,630 12,318,630 Zaha Hadid Holdings Limited 9,545,330 9,545,330 Zaha Hadid (Services) Limited 52,632 52,632 Zaha Hadid (Italy) Limited - - ─────── ────── 21,916,591 21,916,591 ═══════ ═══════ The above investments represent an 100% holding of the subsidiary undertakings. Further details on subsidiary undertakings can be found on Note 5 |
|---|---|
16 Stocks
| Stocks | ||||
|---|---|---|---|---|
| Group | Charity | Group | Charity | |
| 2024 | 2024 | 2023 | 2023 | |
| £ | £ | £ | £ | |
| Stocks | 560,855 | 47,041 | 483,766 | 47,041 |
| ─────── | ─────── | ─────── | ─────── | |
| 560,855 | 47,041 | 483,766 | 47,041 | |
| ═══════ | ═══════ | ═══════ | ═══════ |
Page 15
The Zaha Hadid Foundation
Notes to the Financial Statements
For the year ended 30 April 2024
17 Debtors
| Debtors | |||||
|---|---|---|---|---|---|
| Group | Charity | Group | Charity | ||
| 2024 | 2024 | 2023 | 2023 | ||
| £ | £ | £ | £ | ||
| Trade debtors | 1,334,473 | 60 | 2,636,629 | 2,560 | |
| Prepayments and accrued income | 865,482 | 483,643 | 993,975 | 839,630 | |
| Other debtors | 69,533 | - | 77,997 | - | |
| Taxation | 310,109 | - | 259,443 | - | |
| Amounts owed from group undertakings | - | 17,023 | - | 1,248 | |
| ─────── | ─────── | ─────── | ─────── | ||
| 2,579,597 | 500,726 | 3,968,044 | 843,438 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| Creditors: amounts falling due within one year | |||||
| Group | Charity | Group | Charity | ||
| 2024 | 2024 | 2023 | 2023 | ||
| £ | £ | £ | £ | ||
| Trade creditors | 398,543 | 183,653 | 901,613 | 533,572 | |
| Other creditors | 85,786 | 78,425 | 196,565 | 105,571 | |
| Deferred tax | 1,109,848 | - | 1,164,953 | - | |
| Accruals and deferred income | 724,292 | 464,245 | 154,134 | 109,539 | |
| ─────── | ─────── | ─────── | ─────── | ||
| 2,318,469 | 726,323 | 2,417,264 | 748,682 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| Movement in funds | |||||
| Group- 2024 | |||||
| Opening | Incoming | Outgoing | Other movements | Closing | |
| balance | resources | resources | between funds | balance | |
| £ | £ | £ | £ | £ | |
| Unrestricted fund | 14,766,024 | 4,534,909 | (3,936,728) | - | 15,364,205 |
| Restricted fund | 22,850,077 | 2,695,123 | (3,670,560) | - | 21,874,640 |
| ─────── | ─────── | ─────── | ─────── | ─────── | |
| Total Funds | 37,616,101 | 7,230,032 | (7,607,288) | - | 37,238,845 |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | |
| Charity- 2024 | |||||
| Opening | Incoming | Outgoing | Other movements | Closing | |
| balance | resources | resources | between funds | balance | |
| £ | £ | £ | £ | £ | |
| Unrestricted fund | 14,773,099 | 5,957,349 | (5,350,954) | - | 15,379,494 |
| Restricted fund | 21,863,959 | - | - | - | 21,863,959 |
| ─────── | ─────── | ─────── | ─────── | ─────── | |
| Total Funds | 36,637,058 | 5,957,349 | (5,350,954) | - | 37,243,453 |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | |
| Group- 2023 | |||||
| Opening | Incoming | Outgoing | Other movements | Closing | |
| balance | resources | resources | between funds | balance | |
| £ | £ | £ | £ | £ | |
| Unrestricted fund | 13,353,885 | 5,188,501 | (3,776,362) | - | 14,766,024 |
| Restricted fund | - | 23,952,198 | (1,102,121) | - | 22,850,077 |
| ─────── | ─────── | ─────── | ─────── | ─────── | |
| Total Funds | 13,353,885 | 29,140,699 | (4,878,483) | - | 37,616,101 |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ | |
| Charity- 2023 | |||||
| Opening | Incoming | Outgoing | Other movements | Closing | |
| balance | resources | resources | between funds | balance | |
| £ | £ | £ | £ | £ | |
| Unrestricted fund | 13,353,885 | 5,544,111 | (4,124,898) | - | 14,773,098 |
| Restricted fund | - | 21,863,960 | - | - | 21,863,960 |
| ─────── | ─────── | ─────── | ─────── | ─────── | |
| Total Funds | 13,353,885 | 27,408,071 | (4,124,898) | - | 36,637,058 |
| ═══════ | ═══════ | ═══════ | ═══════ | ═══════ |
18 Creditors: amounts falling due within one year
19 Movement in funds Group - 2024
There is a restriction on the Charity's access to the profits, assets, and liabilities of Zaha Hadid Design Limited and Zaha Hadid Holdings Limited for a period of 7 years from 2022 as part of the conditions of appointment of the Charity as parent of the Group. This gives rise to a restricted fund in both the Charity figures and Group figures.
The restricted fund in the Charity relates to the investment in Zaha Hadid Design Limited and Zaha Hadid Holdings Limited, which are both trading subsidiaries of The Zaha Hadid Foundation Group (See note 5)
The restricted fund in the Group figures relates to the profits, assets, and liabilities of the same subsidiaries that the Charity does not yet have access to.
Page 16
The Zaha Hadid Foundation
Notes to the Financial Statements
For the year ended 30 April 2024
20 Pension costs
The group operates a defined contribution pension scheme for its employees. The charge across the group for the period was £65,831 (2023: £15,874). The amount owing at the year end was £8,565 (2023: £5,205).
21 Related party disclosures
During the year the foundation received levy income of £4,075,629 (2023: £3,819,905) from Zaha Hadid Limited, a company previously owned by the Estate of Dame Zaha Hadid. This levy income was incurred at an arms length basis.
Zaha Hadid Holdings Limited owns two properties which have been used by the Zaha Hadid Foundation free of charge during the year. Rent has been estimated at an arms length basis in the accounts of the Zaha Hadid Foundation as required by the SORP, but has not been recognised in Zaha Hadid Holdings Limited. The rent for the period was £1,422,440 (2023: £1,422,440).
For all other related party transactions advantage has been taken of the FRS102 exemption for the disclosure of transactions with wholly owned subsidiaries.
22 Ultimate controlling party
The company is under the control of its trustees.
23 Reconciliation of net income to net cash flow from operating activities
| 24 25 |
Unrestricted funds Restricted funds Total Total Group Group Group Group 2024 2024 2024 2023 Net income for the reporting period: £ £ £ £ 598,180 (994,274) (396,093) 24,509,123 Adjustments for: Depreciation and amortisation charges 113,241 827,589 940,830 245,316 Donation of subsidiaries - - - (21,916,591) Interest received (453,432) (73,575) (527,007) (209,685) (Decrease)/ Increase in stocks - (77,089) (77,089) (146,541) Decrease/ (increase) in debtors 359,583 1,079,530 1,439,113 (1,637,202) Increase in creditors (30,256) (13,435) (43,691) 276,008 ─────── ─────── ─────── ─────── Net cash provided by (used in) operating activities 587,316 748,747 1,336,063 1,120,427 ═══════ ═══════ ═══════ ═══════ Analysis of changes in group net funds At 1 May 23 Cash flow At 30 April 24 Net cash £ £ £ Cash at bank 18,496,992 1,414,079 19,911,071 ─────── ─────── ─────── Total 18,496,992 1,414,079 19,911,071 ═══════ ═══════ ═══════ Analysis of net assets between funds Unrestricted Restricted Total Group- 2024 £ £ £ Intangible fixed assets 53,135 126,440 179,575 Tangible fixed assets 622,209 15,704,007 16,326,216 Net current assets / (liabilities) 14,688,861 6,044,193 20,733,054 ──────── ──────── ──────── Balance as at 30 April 2024 15,364,205 21,874,640 37,238,845 ═══════ ═══════ ═══════ Unrestricted Restricted Total Charity- 2024 £ £ £ Intangible fixed assets 53,135 - 53,135 Tangible fixed assets 622,209 - 622,209 Investments 52,632 21,863,959 21,916,591 Net current assets / (liabilities) 14,651,518 - 14,651,518 ──────── ──────── ──────── Balance as at 30 April 2024 15,379,494 21,863,959 37,243,453 ═══════ ═══════ ═══════ |
|---|---|
Page 17
The Zaha Hadid Foundation
Notes to the Financial Statements
For the year ended 30 April 2024
26 Consolidated Statement of Financial Activities 2023
| Unrestricted funds | Restricted funds | Total | Total | |
|---|---|---|---|---|
| Group | Group | Group | Charity | |
| 2023 | 2023 | 2023 | 2022 | |
| £ | £ | £ | £ | |
| Income and endowments from | ||||
| Royalties and levies | 4,951,124 | 21,863,960 | 26,815,084 | 3,837,710 |
| Other trading activities | - | 2,082,130 | 2,082,130 | - |
| Investment income | 237,377 | 6,108 | 243,485 | 26,566 |
| ─────── | ─────── | ─────── | ─────── | |
| Total incoming resources | 5,188,501 | 23,952,198 | 29,140,699 | 3,864,276 |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| Expenditure on | ||||
| Other expenditure | 3,776,362 | 1,102,121 | 4,878,483 | 1,133,137 |
| ─────── | ─────── | ─────── | ─────── | |
| Total resources expended | 3,776,362 | 1,102,121 | 4,878,483 | 1,133,137 |
| ═══════ | ═══════ | ═══════ | ═══════ | |
| Net income/(expenditure) before investment (losses)/ gains | 1,412,139 | 22,850,077 | 24,262,216 | 2,731,139 |
| Transfers between funds | - | - | - | - |
| ─────── | ─────── | ─────── | ─────── | |
| Net movement in funds | 1,412,139 | 22,850,077 | 24,262,216 | 2,731,139 |
| Funds brought forward at 1 May 2022 | 13,353,885 | - | 13,353,885 | 10,622,746 |
| ─────── | ─────── | ─────── | ─────── | |
| Funds carried forward at 30 April 2023 | 14,766,024 | 22,850,077 | 37,616,101 | 13,353,885 |
| ═══════ | ═══════ | ═══════ | ═══════ |
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